Casino's e-commerce arm eyes 300 mln euro new share issue (updated)

Cnova NV

01/06/2021 08:28

(Adds background)
    PARIS, June 1 (Reuters) - Cnova NV  CNV.PA , the e-commerce
arm of French retailer Groupe Casino  CASP.PA , plans to raise
around 300 million euros ($367 million) in a sale of new shares
to fund growth and boost its proportion of freely tradeable
stock. 
    Cnova, the holding company for the Cdiscount website, said
on Tuesday it planned to launch the issue by the end of the
year.
    It added that Groupe Casino intended to remain its majority
shareholder.
    Cdiscount competes with international groups such as Amazon
 AMZN.O  in France, with a marketplaces-style platform that
links up shoppers with third-party vendors selling household
goods, electronic equipment and toys. 
    Its indebted parent Casino, run and controlled by
Jean-Charles Naouri, has been looking to boost its profitability
and cash flow with asset sales, as well as finding savings
through purchasing deals. 
    Naouri has been looking to ease the debts of both Casino and
Rallye, the holding company behind the retailer.  urn:newsml:reuters.com:*:nL8N2BN811
    As well as the Cdiscount fundraising, Casino has also said
it is considering a stock market listing for its GreenYellow
renewable energy arm. 
    Shares in Casino were up 0.27% in early trading, while Cnova
shares were unchanged.
    ($1 = 0.8174 euros)

 (Reporting by Matthieu Protard and Sarah White. Editing by Jan
Harvey and Mark Potter)
 ((matthieu.protard@thomsonreuters.com; +33-1-49495381;))